I am not an expert by any standards, that is just one I remember from scouts. I had to look up figure 8 on bight, and that looks like a really useful knot, especially because you can do in the middle of rope, without the end. I looked up why anyone would do a bowline then, but i guess it’s a little easier to undo when you’re done with the knot, so it’s useful in certain rescue situations, otherwise the figure 8 is considered stronger. Do you have experience with either?

It does look like a hitch of some sort. If you are trying to achieve a loop that does not pull tight, I always used a bowline knot.